PriyaPatel
TLDR:
- Six insurtech startups have made Forbes’ Fintech 50 list for 2024, showing progress in using technology to make insurance cheaper, more effective, and more accessible.
- Cyber insurance is the fastest growing category in the industry, with two startups such as Coalition and At-Bay making the list for the second year in a row.
- Coalition grew gross written premium revenue to over $630 million in 2023, while At-Bay grew to $301 million.
Insurtech startups that made the Fintech 50 list for 2024 include Cyber insurance companies Coalition and At-Bay, who use technology to assess the risks that businesses face from hacks, aiding customers in avoiding potential threats. Coalition’s gross written premium revenue grew by 15% to over $630 million in 2023, while At-Bay grew to $301 million, up by 20%.
Life insurance fintech Ethos also made the list after being absent for two years. Ethos utilizes predictive technology to provide rates for life insurance in just five minutes through its app. It verifies the self-reported data of applicants using medical and pharmacy records, eliminating the need for a medical exam for most buyers. Ethos generated $160 million in net revenue in 2023, up from $104 million in the previous year.
Next Insurance, which offers small business insurance policies online, uses artificial intelligence (AI) to process applications quickly. The company attained 500,000 active customers in 2023, up from 420,000 the previous year, with its annualized gross written premium revenue reaching $920 million in December 2023.
Focusing on Home insurance, Kin Insurance, based in Chicago, sells policies directly to consumers in eight states using technology to keep costs and rates low. In 2023, Kin’s revenue grew to $106 million from $68 million in the prior year.
Sure provides embedded insurance software, which assists large companies in managing their insurance operations and launching new offerings. The company’s revenue increased by 50% in 2023 to over $30 million.
These six insurtech companies demonstrate the potential of technology to transform the insurance industry by making it more efficient, affordable, and accessible.
